Title
Dept/ Agency: Finance
Action: (X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: To provide Financial Advisory Services.
Entity Name: NW Financial Group, LLC
Entity Address: 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030
Contract Amount: Not to exceed $60,000.00
Funding Source: Bond Proceeds
Contract Period: November 1, 2019 through March 31, 2020
Contract Basis: ( ) Bid ( ) State Vendor (X) Prof. Ser. ( ) EUS
( ) Fair & Open (X ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
The vendor to be paid from Bond Proceeds.
No Certification of Funds required.
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WHEREAS, the City of Newark (the "City") is in need of Financial Advisors to counsel and assist the City with regards to bond and note issuance, sales and auctions; and
WHEREAS, such Financial Advisors are part of a highly regulated financial industry, licensed by various regulatory authorities; as such, those services are professional services, exempt from the requirements of public bidding pursuant to the Local Public Contracts Law, more specifically, N.J.S.A. 40A:11-5(1)(a)(i); and
WHEREAS, the City wishes to enter into a professional services contract with NW Financial Group, LLC, 2 Hudson Place, 3rd Floor, Hoboken, New Jersey 07030, for an amount not to exceed Sixty Thousand Dollars and Zero Cents ($60,000.00). It is expressly agreed that the City is not obligated to expend any monies or incur any expenses under this contract. For specific financing, such as bond and/or note issues, the fee will be calculated at a rate of $1.00 per $1,000.00 of par value of the principal amount financed payable at the closing of the proposed issuance in accordance with the term of sale, as provided in the contracts for a period from November 1, 2019 through March 31, 2020; and
WHEREAS, the Lo...
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